WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.
HAYWARD, CALIF. — Faris Lee Investments has arranged the purchase of Casa Sandoval, a 187,926-square-foot seniors housing community in Hayward, located along San Francisco Bay. Kayne Anderson Real Estate, a Florida-based private equity firm, acquired the property for $39 million in an off-market sale. The purchase was made through a recently closed $1.85 billion private equity fund focused on seniors housing, medical office and student housing. Gene Ventura with Faris Lee Investments represented the buyer in the transaction. The name of the seller was not released. Constructed in 1990, the Casa Sandoval community offers a total of 235 licensed beds for independent living, assisted living and memory care, with expansion opportunities available.
ST. CLAIR SHORES, MICH. — Ciena Healthcare has opened Regency at St. Clair Shores, a $20 million skilled nursing center in north suburban Detroit. The 146-bed facility is located at 22700 Greater Mack Ave. Regency at St. Clair Shores is the fourth Ciena Healthcare center in Macomb County. More than 200 full- and part-time employees will work at the facility, which features 56 private deluxe suites and 43 semi-private suites. Amenities include 24-hour dining options, a full-service spa, salon and lounges. Skilled services include 24-hour nursing care, physical, occupational and speech therapy, as well as a rehabilitation gym.
CHICAGO — Operators in the senior living space universally agree that the executive director holds the single most important position at their communities and that the job is a daily grind. These frontline administrators are not only tasked with providing the best care possible for residents, but they must also demonstrate strong financial acumen. They are frequently thrust into the role of crisis manager, all the while they are expected to be strategic thinkers. Rather than simply give lip service to the idea that the executive director is an invaluable part of the overall operation, Charter Senior Living is putting its money where its mouth is. The operator of 14 senior living communities in nine states is exploring the possibility of giving executive directors an ownership stake in its communities. “I know that’s been talked about for years, but we are actually in a position [to provide that incentive] on top of a very competitive financial package,” said Keven Bennema, president and CEO of Charter Senior Living, which offers independent living, assisted living and memory care across its properties concentrated in the Midwest and Southeast. It’s important for department heads to feel a sense of ownership as well, added Bennema, …
DALLAS — A joint venture between Realty Capital Partners (RCP) and Matteo Realty Partners has acquired the former Silverado Memory Care of Turtle Creek in Dallas. The property features 35 units housing 42 beds and is the only standalone memory care community in a six-mile radius, according to the buyers. The new ownership plans to remodel and reposition the asset over the next six months. The community was rebranded as Iris Memory Care of Turtle Creek, as Iris Senior Living is taking over management.
SAN MARCOS, TEXAS — Investcor Development and Integral Senior Living have begun construction on a 92-unit seniors housing project in San Marcos, located between Austin and San Antonio. The 72,500-square-foot community will offer assisted living and memory care services. Pi Architects is designing the community, a completion date for which was not disclosed.
NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.
TUSTIN, CALIF. — CBRE has arranged $15 million in Fannie Mae financing for The Groves of Tustin. The 83-unit assisted living and memory care community is located in Tustin, between Los Angeles and San Diego. The borrower is Capitol Seniors Housing, which leases the community to Integral Senior Living under a third-party management contract. Capitol originally purchased the property in 2014, and has invested elective capital to modernize the building, bringing it up to the competitive standards of the area. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the 10-year, floating-rate loan with 84 months of interest-only payments. The transaction refinances existing debt on the property
CHICAGO — Evergreen Real Estate Group has completed a $4 million renovation of Bethel Terrace Apartments, a 123-unit affordable seniors housing community in Chicago’s Englewood neighborhood. Evergreen Construction Co., the firm’s full-service construction arm, managed the six-month project. Evergreen also helped secure the renewal of the HUD Section 8 HAP (Housing Assistance Payment) contract, which provides tenant-based assistance, for an additional 20 years. Updates to the residential units at Bethel Terrace included new flooring and paint; new appliances, cabinetry and countertops in kitchens; new vanities and plumbing fixtures in baths; energy-efficient baseboard heaters with programmable thermostats; and LED lighting. Improvements to common areas included new paint, flooring, lighting, elevator upgrades, shared Wi-Fi and an enhanced security system. Outside, Evergreen Construction Co. completed a façade restoration and roof replacement, installed new lighting and landscaping, replaced fencing, repaired sidewalks, repaved the parking lot, and added a new garden patio with accessible seating. The Illinois Housing Development Authority (IHDA) provided financing for the rehabilitation. The community’s nonprofit owner is Englewood Cooperative Apartments. Bethel Terrace is connected by a ground-level corridor to the adjacent Sangamon Terrace Apartments, a four-story affordable seniors housing development that Evergreen is currently building.
CHICO, CALIF. — CBRE has arranged $24.5 million in financing for Westmont Living. The funds will refinance existing debt on The Inn at the Terraces of Chico, an 80-unit assisted living property located 90 miles north of Sacramento in Chico. The average housing value within a one-mile radius of the property is $514,032, while average household income sits at $103,847. Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the Freddie Mac financing. The 10-year, fixed-rate, cash-out loan features 72 months of interest-only payments. CBRE also financed the first phase of the development via agency debt in 2016.